Universal Display Corp Files Q3 2024 10-Q

TL;DR

UDC filed its Q3 10-Q. Check financials.

AI Summary

Universal Display Corporation filed its 10-Q for the period ending September 30, 2024. The company, headquartered in Ewing, NJ, reported its financial performance for the third quarter. Key financial details and operational updates are provided in this filing.

Why It Matters

This filing provides investors with the latest financial performance data for Universal Display Corp, a key player in OLED technology, impacting their investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing and does not inherently present new risks.

Key Players & Entities

• UNIVERSAL DISPLAY CORP (company) — Filer
• 20240930 (date) — Reporting period end date
• 20241030 (date) — Filing date
• EWING, NJ (location) — Company headquarters and mailing address

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value OLED The Nasdaq Stock Mar

Filing Documents

• oled-20240930.htm (10-Q) — 2330KB
• oled-ex31_1.htm (EX-31.1) — 15KB
• oled-ex31_2.htm (EX-31.2) — 15KB
• oled-ex32_1.htm (EX-32.1) — 11KB
• oled-ex32_2.htm (EX-32.2) — 9KB
• img35615383_0.jpg (GRAPHIC) — 105KB
• 0000950170-24-118989.txt ( ) — 11278KB
• oled-20240930.xsd (EX-101.SCH) — 1529KB
• oled-20240930_htm.xml (XML) — 2196KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Balance Sheets – September 30, 2024 and December 31, 2023 1 Consolidated Statements of Income – Three and nine months ended September 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income – Three and nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Shareholders' Equity – Three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Cash Flows – Nine months ended September 30, 2024 and 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36

– FINANC IAL INFORMATION

PART I – FINANC IAL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES CONSOLIDATED B ALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 79,559 $ 91,985 Short-term investments 471,993 422,137 Accounts receivable 87,693 139,850 Inventory 175,958 175,795 Other current assets 126,643 87,365 Total current assets 941,846 917,132 PROPERTY AND EQUIPMENT, net of accumulated depreciation of $ 158,992 and $ 143,908 191,195 175,150 ACQUIRED TECHNOLOGY, net of accumulated amortization of $ 199,428 and $ 186,850 77,747 90,325 OTHER INTANGIBLE ASSETS, net of accumulated amortization of $ 11,484 and $ 10,414 5,804 6,874 GOODWILL 15,535 15,535 INVESTMENTS 396,931 299,548 DEFERRED INCOME TAXES 72,138 59,108 OTHER ASSETS 109,686 105,289 TOTAL ASSETS $ 1,810,882 $ 1,668,961 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 24,698 $ 10,933 Accrued expenses 52,955 52,080 Deferred revenue 47,393 47,713 Other current liabilities 6,119 8,096 Total current liabilities 131,165 118,822 DEFERRED REVENUE 2,376 12,006 RETIREMENT PLAN BENEFIT LIABILITY 54,288 52,249 OTHER LIABILITIES 36,303 38,658 Total liabilities 224,132 221,735 COMMITMENTS AND CONTINGENCIES (Note 18) SHAREHOLDERS' EQUITY: Preferred Stock, par value $ 0.01 per share, 5,000,000 shares authorized, 200,000 shares of Series A Nonconvertible Preferred Stock issued and outstanding (liquidation value of $ 7.50 per share or $ 1,500 ) 2 2 Common Stock, par value $ 0.01 per share, 200,000,000 shares authorized, 48,826,922 and 48,731,026 shares issued, and 47,461,274 and 47,365,378 shares outstanding, at September 30, 2024 and December 31, 2023, respectively 488 487 Additional paid-in capital 717,190 699,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. BUSINESS: Universal Display Corporation and its subsidiaries (the Company) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. OLEDs are thin, lightweight and power-efficient solid-state devices that emit light and can be manufactured on both flexible and rigid substrates, making them highly suitable for use in full-color displays and as lighting products. OLED displays are capturing a growing share of the display market, especially in the mobile phone, television, monitor, wearable, tablet, notebook and personal computer, augmented reality (AR), virtual reality (VR) and automotive markets. The Company believes this is because OLEDs offer potential advantages over competing display technologies with respect to power efficiency, contrast ratio, viewing angle, video response time, form factor and manufacturing cost. The Company also believes that OLED lighting products have the potential to replace many existing light sources in the future because of their high-power efficiency, excellent color rendering index, low operating temperature and novel form factor. The Company's technology leadership, intellectual property position, and more than 20 years of experience working closely with leading OLED display manufacturers are some of the competitive advantages that should enable the Company to continue to share in the revenues from OLED displays and lighting products as they gain wider acceptance. The Company's primary business strategy is to (1) develop new OLED materials and sell existing and new materials to product manufacturers of products for display applications, such as mobile phones, televisions, monitors, wearables, tablets, portable media devices, notebook computers, personal computers and automotive applications, and specialty and general lighting products; and (

View Full Filing

View this 10-Q filing on SEC EDGAR